Endless Money: The Moral Hazards of Socialism

A detailed look at how, and why, the American financial system
has reached its current state

Today's economy and capital markets are faced with the long-term
buildup of public and private credit. Furthermore, we face higher
taxes, greater spending, and more debt. We are now at a critical
crossroads and our leaders have few realistic solutions. Proposals
calling for tax reforms or fewer regulations have fallen on deaf
ears. In fact, U.S. democracy has become more socialist and reform
is needed immediately. Endless Money is an examination of
how the U.S. government and the country's financial systems have
embraced socialism, and why cultural deterioration reinforces the
trend and jeopardizes democracy. In it, author William Baker sees
this socialism embodied in two things. The first is the
socialization of income, the second is the socialization of
credit.

Explores the present socialistic qualities of the American
government and its financial system

Looks back at how today's conditions relate not just to the
Great Depression, but ancient empires such as Rome

Calls for radical changes such as reduced regulatory power of
the Federal Reserve, a considerable devaluation of the dollar in
terms of gold, and repeal of income tax

Includes a Web site devoted to book, with recommendations,
quotes from the financial community, and think tank contacts

Insightful and informative, Endless Money examines our
current economic condition and describes what the United States can
do to get back on the right economic track.

William Baker is the founder of Gaineswood Investment
Management, Inc., where he has managed money since 1996. He has
over 25 years of investment experience, including as a portfolio
manager for Oppenheimer Funds. Baker received his master's in
business administration from Dartmouth College and BA in economics
from the University of Pennsylvania.

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The meltdown of the financial sector in 2008 took the world by surprise. Yet credit crises have been part of the human experience since before the birth of Christ. Even in the best times of the Roman Republic, a span of about two centuries, there were about a half-dozen credit crises. However, unlike ancient times, the sharp line of demarcation between money and credit has practically dissolved. With currency created at the click of a mouse—or produced in quantity when a central bank credits its balance sheet in exchange for government debt, mortgages, or the equally formless currency of other nations—an era of endless money was born.

In his new book ENDLESS MONEY (Wiley; November 2009; $29.95; 978-0470-47615-4; Hardcover) William Baker—a financial professional with more than 25 years of experience in investment research and equity portfolio management— examines how the U.S. government and the country's financial systems have embraced socialism, specifically, the socialization of income and credit—and why this is so dangerous.

In addition to discussing why today's economy and capital markets are facing the long-term buildup of public and private credit, this book:

Highlights how the combination of a centrally managed fiat currency system and a tax code that confiscates earned income, rather than mildly taxing changes in wealth, could produce a knockout punch to entrepreneurship and our society

Calls for radical changes such as reduced regulatory power of the Federal Reserve, a considerable devaluation of the dollar in terms of gold, and repeal of income tax

Addresses the disturbing fact that individual character has given way to the state's taking over responsibility for indiscretions—financial or otherwise

Baker sees the crisis as an opportunity for self inspection and growth. “Although we have veered far off the course that our founding fathers set for us,” Baker says, “the financial crisis begun in 2008 may contain pressures that should be sufficient to trigger a reexamination of our banking sector and the powers granted to government over the last hundred years or so in a way that is much more deeply fundamental than anything currently under consideration.”

Insightful and informative, Endless Money puts our current economic condition in perspective and describes what we can do to get back on the right track.

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